You bought a car. Here’s how to quickly pay off your auto loan.

Amid talk of a recession and record inflation, you’d think Americans would keep a close eye on spending on auto loans.

And you would be wrong.

New data from LendingTree shows the average monthly auto loan payment in the US is $644, up 11.8% from the previous year.

Worse yet, payments on used car loans and lease agreements are rising faster than regular car payments, which are up 15% and 18%, respectively, Lending Tree reports.

With Auto Loan Debt, Slow Means Trouble

Auto loan borrowers who take their time paying off their vehicle debt are making a big mistake, in addition to increasing their monthly loan payment.

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